Massachusetts Fines Wells Fargo $450,000 over Unregistered Agents and Supervisors
The Massachusetts Securities Division has fined Wells Fargo $450,000 for failing to ensure that its agents and supervisors were appropriately registered in Massachusetts.
The Massachusetts Securities Division has fined Wells Fargo $450,000 for failing to ensure that its agents and supervisors were appropriately registered in Massachusetts.
Wells Fargo currently has more than 9,400 agents registered in Massachusetts.
According to the offer of settlement signed by the firm, during the 30-month period examined by the state regulator, 1,098 Wells Fargo agents and 561 supervisors of agents had a lapse in their Massachusetts registrations.
The regulator claims that the lapses in registration occurred despite informing the firm at least 159 times that certain supervisors were required to register.
In addition to censure and the $450,000 fine, Wells Fargo has agreed to register its agents conducting securities business in Massachusetts and to review and enhance its own policies and procedures related to registering its agents.
